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WASHINGTON — Productivity growth slowed in the fourth quarter, while labor costs kept falling.
For 2013, productivity turned in another weak gain of just 0.6 percent.
Productivity grew at an annualized rate of 3.2 percent in the October-December period, down from 3.6 percent in the third quarter, the Labor Department said Thursday.
Labor costs fell at a 1.6 percent rate in the quarter after an even bigger 2 percent rate of decline in the third quarter.
Productivity measures output per hour of work. Greater productivity raises living standards because it lets companies to pay workers more without raising prices, which could boost inflation.
According to records going back to 1947, productivity has been growing by about 2 percent per year. In 2012, it increased 1.5 percent.